The Delta State House of Assembly, on Tuesday in Asaba, at plenary, approved the Delta State Governor Ifeanyi Okowa’s request of N4 billion naira ‘Bridging Finance Facility’ from Zenith Bank PLC.
In a letter sent to the house, the governor drew the attention of the house to the expected tranche of quarterly refunds from the Federal Account Allocation Committee (FAAC), being the state’s share of 13 per cent derivation, credited to the Excess Crude Funds, utilized by the Federal Government without remitting same to the oil-producing states.
He added that while awaiting the refunds, there was an urgent need to galvanize contractors towards completing and achieving a significant milestone in respect of ongoing legacy projects for the benefit of all Deltans.
Sequel to the above, the governor said that the State Executive Council (EXCO) at its 6th meeting, held on Tuesday, 18th May 2021, considered and approved that the state government obtain a N4 billion bridging finance loan facility from Zenith Bank PLC at favourable terms and conditions.
The governor, therefore, sought the authorization of the members of the house to accept the loan facility from Zenith Bank PLC and issue an appropriate irrevocable standing payment order (ISPO) in favour of the bank to defray the loan.
In a related development, the lawmakers have equally received a letter of nomination of Mr Henry Onwordi Idama for appointment as Director-General, Delta State Water Sector Regulatory Commission from the state Governor.
Mr Idama, an engineer, is to appear for screening on Tuesday, 6 July 2021 at 10.00 am.
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